SolarEdge (SEDG) Stock Spikes on Record Revenue

SolarEdge (SEDG) shares are up over 20% after the company reported record first quarter revenue.
By Tony Owusu ,

NEW YORK (TheStreet) -- SolarEdge Technologies  (SEDG) - Get Report shares are up 24.27% to $21.35 on Thursday morning, following the release of the company's 2016 fiscal first quarter earnings results yesterday afternoon.

The Israeli solar technology company reported record first quarter revenue of $115.1 million, a 72% increase over the year ago period, topping analysts' $110.1 million expectations.

The company posted first quarter earnings of 36 cents per share, topping analysts expectations of 29 cents per share by seven cents. 

SolarEdge provided revenue guidance for the current quarter between $118 million and $121 million, with gross margins expected to be between 28% and 30%. 

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